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When you open up a checking account at your local bank, you are always given a debit card so that you can withdraw money out at the ATMs. The money is withdrawn from your account automatically, as it is when you use the debit card to pay for things. You may have noticed that your debit card also has the option to be used as a credit card. Many people are confused as to why this is.

Debit cards can be used as credit cards because some merchants only accept credit cards. This way, you can use your debit card everywhere that takes credit cards. However, bear in mind that just because your debit card gives you a credit card option, it does not mean that you suddenly have a new credit card with a line of credit available for you to use. With a debit card, the amount you can spend is limited by the amount of money you have in your bank account. It is also limited by the amount of money you spend in one day - many banks have a daily limit of debit card expenditures. So, if your bank has a debit card limit of $1,000, you won't be able to spend above that $1,000 limit - even if you have $5,000 in your bank account. This is where you may want to consider using the credit card "side" of your debit card, because it will allow you to buy at any dollar amount so long as your account has sufficient funds. Another useful aspect to using the credit side of your debit card is that when you have a dispute about a charge in your account, you can dispute the amount to the credit card issuer. If you use your debit card and then have a dispute about a charge in your account, the bank will have to get involved.

>>More information on Banking.

Are you thinking about putting your college-aged son or daughter on your credit card account?

Consider the pros and cons of putting your college student on your credit card account...

THE PROS:

There are several good reasons to give your son or daughter their own credit card when they go off to college:

• Credit cards offer convenience
• Having credit card will allow them to cope with sudden emergencies (i.e broken down car)
• If a you co-signed on a credit card and the payment is paid in full every month, your child's credit score will build
• If your child is under your credit card account, it is possible to crease your child's credit history
• Teach them financial responsibilities

As a parent you'll feel better knowing your son or daughter has some back-up in case they run into difficulties. However, if you're worried about their credit card splurging habits you can always monitor the activity on the credit card account. That's something they will thank you for down the road.

THE CONS:

Despite all the good things that can come out of giving your college student a credit card, it can also be disastrous if your child isn't careful.

The problems that your college-aged son or daughter may have when in charge of his or her own credit cards are:

• Promote bad spending habits
• Ruin your credit history - if you are a co-signer on the credit card and are not aware of the piling debt
• Ruin your child's credit history
• If the outstanding balance is not paid - debt collectors will be call you to collect

When you consider allowing your child the privilege of having his or her own credit card either under your account, or you as the co-signer of the card, it is best to talk through the responsibilities of having a credit and how it will affect you and your child's financial well being.

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